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Thread: Pension

  1. #37

    Default Re: Pension

    Quote Originally Posted by bmneveu View Post
    Every year after 20 adds 2.5%, capping out at 30 years / 75%. I'd also be making a pretty decent annual salary while still in at that point.
    Yep. Considering you'd likely be E-9 to make it 30 years, the difference in retirement pay is nearly double what you'd get for retiring as a E-8 at 20 years. Although there are trade-offs such as having to move every few years to a new location. At one time I thought about staying 30 years, but life happens and think my family and I would be happier if I bowed out around 20-22 years.

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  3. #38

    Default Re: Pension

    Quote Originally Posted by Frixxxx View Post
    Brass Tacks:

    I expect to retire at 58, FERS, with supplement. How long does the supplement last? 62 when I'm eligible, or when I file for SS later?
    Frixxxx,

    As others have noted...supplement goes away at 62, regardless if you take SS or not...and supplement subject to earnings test ! They send you a questionnaire each year !

    Fascinating thread !!! Mind-blowing, all the permutations of military/Guard/civilian (CSRS vs FERS) retirement pension, TSP balance/withdrawals, survivor benefits, SS (age taken), post retirement work income plan, health care, life insurance...

    Then factor in the Wife's numbers (if applicable !)...all the similar options out there, that affect your calcs !!!

    What's the "Best Plan" ? Who the hell knows !!! All I know is : School Teacher Wife retired in 2009 ; me in 2012 (FERS)...so far, we're ahead of expenses !!!

    It's all enough to give this retired Engineer a headache !!!


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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  5. #39

    Join Date
    Oct 2008
    Location
    Stinking desert valley of bad air quality, AZ
    Posts
    2,872

    Default Re: Pension

    Quote Originally Posted by Stoplight View Post
    As others have noted...supplement goes away at 62, regardless if you take SS or not...and supplement subject to earnings test ! They send you a questionnaire each year !

    Fascinating thread !!! Mind-blowing, all the permutations of military/Guard/civilian (CSRS vs FERS) retirement pension, TSP balance/withdrawals, survivor benefits, SS (age taken), post retirement work income plan, health care, life insurance...

    Then factor in the Wife's numbers (if applicable !)...all the similar options out there, that affect your calcs !!!

    What's the "Best Plan" ? Who the hell knows !!! All I know is : School Teacher Wife retired in 2009 ; me in 2012 (FERS)...so far, we're ahead of expenses !!!

    It's all enough to give this retired Engineer a headache !!!


    Stoplight...
    Hi Stop. Yes it was/is a complicated business. No “one plan fits all”. We all try to help even if our posts are non sequitur.

    Glad to hear you are ahead of expenses. Me too, so much so that I have brought up the subject of stopping the TSP annual withdrawal. That discussion gave me a bigger headache than meetings with engineers did while I was working.

    PO

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  7. #40

    Default Re: Pension

    Quote Originally Posted by PessOptimist View Post
    Hi Stop. Yes it was/is a complicated business. No “one plan fits all”. We all try to help even if our posts are non sequitur.

    Glad to hear you are ahead of expenses. Me too, so much so that I have brought up the subject of stopping the TSP annual withdrawal. That discussion gave me a bigger headache than meetings with engineers did while I was working.

    PO
    LOL !!! Ain't THAT the truth !!!

    I set up a monthly withdrawal from TSP from the time I retired until the time the supplement went away (and I could claim SS ; at age 62 ; which I did). The rest of the TSP, I rolled over into a self-directed Brokerage IRA with USAA....withdrawal as needed. Rolled the Wife's 403(b) retirement into a similar account.

    We've tapped our accounts a few times, like for our bucket list trip to Australia and New Zealand, but haven't withdrawn anything in 2019 or YTD 2020... New Bucket list trips have been kinda' screwed by Corona...and we're not getting any younger !!!

    Now I gotta start looking at the impact of the required minimum distribution calcs...Wife hits that age first...

    Talk about a headache !!!

    Sorry, Gibsonman, for hijacking your thread !


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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  9. #41

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    10,449

    Default Re: Pension

    Quote Originally Posted by Stoplight View Post
    LOL !!! Ain't THAT the truth !!!

    I set up a monthly withdrawal from TSP from the time I retired until the time the supplement went away (and I could claim SS ; at age 62 ; which I did). The rest of the TSP, I rolled over into a self-directed Brokerage IRA with USAA....withdrawal as needed. Rolled the Wife's 403(b) retirement into a similar account.

    We've tapped our accounts a few times, like for our bucket list trip to Australia and New Zealand, but haven't withdrawn anything in 2019 or YTD 2020... New Bucket list trips have been kinda' screwed by Corona...and we're not getting any younger !!!

    Now I gotta start looking at the impact of the required minimum distribution calcs...Wife hits that age first...

    Talk about a headache !!!

    Sorry, Gibsonman, for hijacking your thread !


    Stoplight...
    Hey Stoplight. We loved Australia and New Zealand. This COVID sure put a damper on our vacation travels. We had 4 cruises lined up this year, one being a family cruise with the daughters and their families. Not sure what we will do for 2021.

    Haven't had to tap my TSP yet or the wife's 401 since I'm still working after failing retirement in 2014. Going retirement 2.0 sometime late summer next year. Just applied for SS for both of us late last month. Figured might as well get it while we can.

    Take care.
    May the force be with us.

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  11. #42

    Default Re: Pension

    Quote Originally Posted by nasa1974 View Post
    Hey Stoplight. We loved Australia and New Zealand. This COVID sure put a damper on our vacation travels. We had 4 cruises lined up this year, one being a family cruise with the daughters and their families. Not sure what we will do for 2021.

    Haven't had to tap my TSP yet or the wife's 401 since I'm still working after failing retirement in 2014. Going retirement 2.0 sometime late summer next year. Just applied for SS for both of us late last month. Figured might as well get it while we can.

    Take care.
    Hey, NASA !!! Thanks for weighing in !!!

    I, on the other hand, have passed retirement with flying colors !!! Nary a thought about getting a job again... I assume you're still working 'cause you like what you're doing ???

    Yeah, we LOVED our freestyle Australia and then structured New Zealand cruise, too !!! We should probably continue this discussion in Tom's "Vacation" thread !!! See me in the Lounge..."What Trips are you Planning ?" !!! I'll buy you a beer !!!


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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  13. Default Re: Pension

    no worries

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  15. #44

    Default Re: Pension

    Gib,

    I'm blessed...my FERS pension is based on a high-three, as a GS-14, in DC...ya gotta make the sacrifice !!!

    Retired as a GS-12 in FL !!! Go figure !!!

    Monthly gross FERS pension is $2478...


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

  16.  
  17. Default Re: Pension

    Bottom line is knowing your expenses and being debt free.....if you can bring home (net) what you are making while working and have TSP to last 30+ years you are pretty golden


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